Lusaka Securities Exchange (LuSE) closed November 2025 with a mixed performance marked by declining turnover, varied price movements across listed equities, and continued growth in retail participation through digital trading platforms.
According to the latest monthly update, the Lusaka All Share Index (LASI) slipped by 1.07% to 25,168.25 from October’s 25,441.23. The Free Float Index also fell sharply by 4.90% to 14,750.23, reflecting cooling demand and selective investor repositioning.
LuSE Chief Executive Officer Nicholas Kabaso revealed that Chilanga Cement (CHIL) emerged as the standout performer for the month under review, soaring 55% to close at K62.00, while Pamodzi (PMDZ) followed with a 9.74% rise to K4.62, while Zambia Reinsurance (ZMRE), with Zambia Forestry and Forest Industries Corporation Plc (ZFCO) posting gains of 3.85% and 3.48%, respectively.
He added that marginal increases were recorded in BATA, Madison Financial Services Plc (MAFS), ZCCM, CCAF, Zambia Breweries (ZABR), Zambia Sugar (ZSUG), and AECI Mining Explosives Plc (AEL).
“On the downside, British American Tobacco Zambia (BATZ) registered the largest decline, falling 16.13% to K13.00. Copperbelt Energy Corporation (CECZ) dropped 12.45% to K20.04, while Zambia Metal Fabricators (ZMFA) declined 9.09%. Zambeef (ZMBF) eased by 0.89%, with the dollar-denominated REIZUSD REIT closing unchanged at $0.09,” he noted.
Total Market turnover decreased significantly to K27.4 million, down from K59 million in October. Despite the softer overall performance, several counters posted strong gains, while retail investor activity through the LuSE Mobile App continued its upward trajectory.
CECZ posted the highest turnover at K4.95 million, followed by Chilanga Cement at K4.62 million and ZABR with K4.37 million, while Airtel (ATEL) and ZCCM also recorded notable turnover of K3.25 million and K2.46 million, respectively.
Mr. Kabaso said the REIZ-USD Real Estate Investment Trust continued to attract investor interest, posting 48 trades valued at $109,244.48.
He further reported that trading in the secondary government bond market remained robust, supported by strong institutional demand and stable yields across medium- to long-term maturities
Mr. Kabaso observed that investor confidence improved further following Zambia’s recent sovereign credit rating upgrades, as total turnover for the month stood at K1.27 billion, representing a 5% decline from October.
“Yields were broadly stable across most tenors, reflecting improved investor confidence following Zambia’s recent sovereign credit rating upgrades. Liquidity conditions were underpinned by a healthy turnover level across key benchmark bonds. In November, total turnover was K1.27 billion, down by 5% compared to the previous month,” Mr. Kabaso added.
Retail investor activity through the LuSE Mobile App grew steadily, with buy-side turnover increasing to K5.5 million from K4.6 million in October, while sell-side turnover held firm at K621,881.
According to Mr. Kabaso, total mobile-driven turnover for November reached K6.12 million, underscoring the growing role of digital platforms in expanding retail access to capital markets.
Looking ahead to the first quarter of 2026, he said LuSE expects a more stable trading environment backed by improving macroeconomic fundamentals, stronger corporate earnings prospects, and renewed offshore investor interest.
“Continuous growth in retail participation, driven by digital platforms, combined with ongoing market development initiatives, is expected to enhance liquidity and depth across asset classes. However, investor sentiment may remain sensitive to inflation trends, currency movements, and global commodity market developments,” Mr. Kabaso said.
